Published 10:00 pm, Monday, October 15, 2007

Under the deal announced Monday, Danaher will make a cash tender offer of $38 per share for Textronix shares, a 34 percent premium to its closing stock price Friday. Tektronix had nearly 75.1 million outstanding common shares as of Sept. 29.

Tektronix Inc., based in Beaverton, Ore., said its board unanimously recommended that shareholders accept the offer.

"We believe this acquisition will be a catalyst to accelerate Tektronix's transition from a very good company to an even better company," Chief Executive Rick Wills said.

Danaher is a Washington, D.C.-based company that makes environmental and electronic testing technology, such as bar code readers, as well as dental products and medical instruments. It has a tools and components segment, which includes such brand names as Sears' Craftsman. It earned $1.12 billion on sales of $9.6 billion in 2006.

Tektronix is Oregon's oldest major high-tech company and an early leader in the state's high-tech industry. Its primary markets are high-end communications and technology testing products. Tektronix reported a 2007 profit of $90.4 million on sales of $1.11 billion.

Tektronix would become part of Danaher's electronic test platform, joining with Danaher's Everett testing business, Fluke -- nearly doubling the platform's revenue. Tektronix is expected to operate as a wholly owned subsidiary and maintain its presence in Beaverton.

The companies said the deal will help expand the reach of both companies -- with Tektronix benefiting from Danaher's size and funding. Danaher anticipates gains from Tektronix's specialty markets and global reach, particularly in Asia.

The news boosted Tektronix stock by 33.56 percent, or $9.51, to close at $37.85 Monday.